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Bob Bryant
03-01-2013, 11:29 PM
There is an article in the current AVANTI magazine stating that Michael E. Kelly has been temporarily released to stay in his Indiana home while under electronic monitoring to allow him to obtain medical treatment at his own expense. He pleaded guilty to a security fraud charge and was sentenced to a maximum term of five years. He still faces other charges carrying substantial additional periods of incarceration. As part of the sentence a special master is over-seeing liquidation of assets. Kelly agreed to and the judge ordered restitution of $342,143,221 minus credit for funds already distributed quoting the article.

BobPalma
03-02-2013, 08:00 AM
342 MILLION dollars, Bob? Wow! :eek:

Does he even have that kind of money anywhere? BP

Bob Bryant
03-02-2013, 08:26 AM
BP: It is a huge amount of money...maybe a record-breaker. It is doubtful if he could spend that much even in a Ponzi scheme or in fat commissions to his associates. Maybe the case has taken so long because of all the possibilities of where he might have directed the funds and the search to determine who and what received it. There must be a lot of real estate/properties in which he and/or his companies had equity. It will be interesting to follow the case. I thought maybe he got upside down trying to keep Avanti afloat, but that wouldn't account for such amazing numbers.

Imagine what Studebaker or even Preston Tucker could have done with such numbers.

rockinhawk
03-02-2013, 08:33 AM
Someone was trying to sell some of the Avanti assets awhile back... What ever happened with that? Seems like everyone thought it was a scam.

billmdonn
03-02-2013, 01:47 PM
Can we expect to see his story on CNBC's "American Greed" television program any time soon?